CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 50,000 Shares of Plains GP Holdings, L.P. $PAGP

Key Points

• Cushing Asset Management reduced its Plains GP Holdings position by 50,000 shares, or 1.3%, leaving it with 3.745 million shares worth approximately $97 million and representing 1.89% of the company.
• Plains GP shares rose 0.9% to $28.87, near their 52-week high, while the company announced a quarterly dividend of $0.4175 per share, equivalent to a 5.8% annualized yield.
• Analyst sentiment remains mixed: the stock has an overall “Hold” consensus rating and a $26 average price target, despite several firms raising their targets and maintaining Buy ratings.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its position in shares of Plains GP Holdings, L.P. (NYSE:PAGP - Free Report) by 1.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,745,000 shares of the pipeline company's stock after selling 50,000 shares during the quarter. Plains GP accounts for about 4.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 4th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 1.89% of Plains GP worth $96,996,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Energy Income Partners LLC lifted its stake in Plains GP by 1.4% in the 1st quarter. Energy Income Partners LLC now owns 8,974,776 shares of the pipeline company's stock valued at $217,908,000 after purchasing an additional 120,765 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Plains GP by 18.1% during the 3rd quarter. Artemis Investment Management LLP now owns 6,231,288 shares of the pipeline company's stock worth $161,390,000 after acquiring an additional 955,231 shares during the period. Bank of America Corp DE boosted its stake in Plains GP by 3.0% in the second quarter. Bank of America Corp DE now owns 3,865,600 shares of the pipeline company's stock valued at $93,818,000 after buying an additional 112,893 shares in the last quarter. Hsbc Holdings PLC raised its position in Plains GP by 5.5% in the second quarter. Hsbc Holdings PLC now owns 2,854,795 shares of the pipeline company's stock valued at $69,291,000 after purchasing an additional 147,603 shares during the last quarter. Finally, Goodman Financial Corp lifted its holdings in Plains GP by 1.2% during the 1st quarter. Goodman Financial Corp now owns 818,027 shares of the pipeline company's stock worth $19,862,000 after buying an additional 9,348 shares during the period. Institutional investors own 88.30% of the company's stock.

Plains GP Stock Up 0.9%

Shares of Plains GP stock opened at $28.87 on Tuesday. The company's 50 day moving average price is $27.18 and its 200-day moving average price is $24.40. Plains GP Holdings, L.P. has a 52-week low of $16.89 and a 52-week high of $28.93. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 54.47 and a beta of 0.54. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01.

Plains GP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Friday, October 30th. Plains GP's dividend payout ratio is currently 59.86%.

Analyst Upgrades and Downgrades

PAGP has been the topic of several research analyst reports. Citigroup increased their target price on shares of Plains GP from $23.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, September 17th. Zacks Research cut shares of Plains GP from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. UBS Group raised their price objective on shares of Plains GP from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, October 9th. Truist Financial boosted their price objective on shares of Plains GP from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Finally, Morgan Stanley raised their price target on Plains GP from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $26.00.

Plains GP Profile

Plains GP Holdings, L.P. NYSE: PAGP is a publicly traded holding company that owns and controls the general partner of Plains All American Pipeline, L.P. Through this ownership interest, Plains GP Holdings is linked to the operations of one of North America's major midstream energy companies.

Plains All American Pipeline provides transportation, storage, terminalling, gathering, and other logistics services for crude oil and natural gas liquids. Its infrastructure includes pipelines, storage facilities, gathering systems, rail and truck terminals, and other assets used to move energy commodities from producing regions to refineries, processing facilities, and other markets.

The company's operations primarily serve customers in the United States and Canada, with activity concentrated in key oil- and liquids-producing regions and connected transportation corridors.

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